AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended March 31,
----------------------
2010 2009
---------- ----------
Revenues
Transportation and Services $ 136,854 $ 157,471
Manufacturing 11,442 35,234
---------- ----------
Revenues 148,296 192,705
---------- ----------
Cost of Sales
Transportation and Services 123,052 140,066
Manufacturing 10,532 30,436
---------- ----------
Cost of Sales 133,584 170,502
---------- ----------
Gross Profit 14,712 22,203
Selling, General and Administrative Expenses 11,620 21,313
---------- ----------
Operating Income 3,092 890
---------- ----------
Other Expense (Income)
Interest Expense 9,853 8,531
Other, Net (54) (276)
---------- ----------
Other Expenses 9,799 8,255
---------- ----------
Loss from Continuing Operations before Income Taxes (6,707) (7,365)
Income Tax Benefit (3,227) (2,891)
---------- ----------
Loss from Continuing Operations (3,480) (4,474)
Discontinued Operations, Net of Tax - (984)
---------- ----------
Net Loss $ (3,480) $ (5,458)
========== ==========
Basic loss per common share:
Loss from continuing operations $ (0.27) $ (0.35)
Loss from discontinued operations, net of tax - (0.08)
---------- ----------
Basic loss per common share $ (0.27) $ (0.43)
========== ==========
Loss per common share - assuming dilution:
Loss from continuing operations $ (0.27) $ (0.35)
Loss from discontinued operations, net of tax - (0.08)
---------- ----------
Loss per common share - assuming dilution $ (0.27) $ (0.43)
========== ==========
Weighted Average Shares Outstanding:
Basic 12,761,816 12,687,820
Diluted 12,761,816 12,687,820
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
March 31, December 31,
2010 2009 (1)
---------- ----------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,329 $ 1,198
Accounts Receivable, Net 67,028 93,295
Inventory 42,796 39,070
Deferred Tax Asset 3,640 3,791
Assets Held for Sale - 3,531
Prepaid and Other Current Assets 22,718 23,879
---------- ----------
Total Current Assets 137,511 164,764
Properties, Net 525,481 521,068
Investment in Equity Investees 4,484 4,522
Other Assets 31,555 33,536
---------- ----------
Total Assets $ 699,031 $ 723,890
========== ==========
LIABILITIES
Current Liabilities
Accounts Payable $ 28,705 $ 34,163
Accrued Payroll and Fringe Benefits 11,486 18,283
Deferred Revenue 13,201 13,928
Accrued Claims and Insurance Premiums 12,459 16,947
Accrued Interest 6,055 13,098
Current Portion of Long Term Debt 114 114
Customer Deposits 1,000 1,309
Other Liabilities 27,089 31,825
---------- ----------
Total Current Liabilities 100,109 129,667
Long Term Debt 356,749 345,419
Pension and Post Retirement Liabilities 31,967 31,514
Deferred Tax Liability 37,879 40,133
Other Long Term Liabilities 6,385 6,567
---------- ----------
Total Liabilities 533,089 553,300
---------- ----------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at $.01
par value; 16,017,110 and 15,898,596 shares issued
and outstanding as of March 31, 2010 and December
31, 2009, respectively 160 159
Treasury Stock; 3,210,897 and 3,179,274 shares at
March 31, 2010 and December 31, 2009, respectively (314,049) (313,328)
Other Capital 299,213 299,486
Retained Earnings 180,382 183,862
Accumulated Other Comprehensive Income 236 411
---------- ----------
Total Stockholders' Equity 165,942 170,590
---------- ----------
Total Liabilities and Stockholders'
Equity $ 699,031 $ 723,890
========== ==========
(1) The Consolidated Balance Sheet at December 31, 2009 has been derived
from the audited consolidated financial statements at that date, but does
not included all the information and footnotes required by generally
accepted accounting principles.
AMERICAN COMMERCIAL LINES INC.
NET INCOME TO EBITDA RECONCILIATION
(Dollars in thousands)
(Unaudited)
Quarter Ended
March 31,
------------------
2010 2009
-------- --------
Net Loss from Continuing Operations $ (3,480) $ (4,474)
Discontinued Operations, Net of Income Taxes - (984)
-------- --------
Consolidated Net Loss $ (3,480) $ (5,458)
-------- --------
Adjustments from Continuing Operations:
Interest Income (1) (6)
Interest Expense 9,853 8,531
Depreciation and Amortization 11,999 13,084
Taxes (3,227) (2,891)
Adjustments from Discontinued Operations:
Interest Income - (1)
Interest Expense - 10
Depreciation and Amortization - 456
Taxes - (613)
EBITDA from Continuing Operations 15,144 14,244
EBITDA from Discontinued Operations - (1,132)
-------- --------
Consolidated EBITDA $ 15,144 $ 13,112
======== ========
EBITDA from Continuing Operations by Segment:
Transportation Net Loss $ (3,745) $ (8,727)
Interest Income (1) (6)
Interest Expense 9,853 8,531
Depreciation and Amortization 11,074 12,135
Taxes (3,227) (2,912)
-------- --------
Transportation EBITDA $ 13,954 $ 9,021
======== ========
Manufacturing Net Income $ 228 $ 4,152
Depreciation and Amortization 841 866
-------- --------
Total Manufacturing EBITDA 1,069 5,018
Intersegment Profit - -
-------- --------
External Manufacturing EBITDA $ 1,069 $ 5,018
======== ========
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company's business segments. EBITDA provides us with an understanding
of one aspect of earnings before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
---------------------- All Other Intersegment
Transportation Manufacturing Segments Elimination Total
--------- ------------ ---------- ----------- ---------
Quarter ended
March 31, 2010
Total revenue $ 135,064 $ 25,485 $ 1,932 $ (14,185) $ 148,296
Intersegment
revenues 142 14,043 - (14,185) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 134,922 11,442 1,932 - 148,296
Operating expense
Materials,
supplies and
other 49,821 - - - 49,821
Rent 5,238 - - - 5,238
Labor and fringe
benefits 29,039 - - - 29,039
Fuel 27,887 - - - 27,887
Depreciation and
amortization 11,074 - - - 11,074
Taxes, other
than income
taxes 3,118 - - - 3,118
Gain on
disposition
of equipment (3,871) - - - (3,871)
Cost of goods
sold - 10,532 746 - 11,278
--------- ------------ ---------- ----------- ---------
Total cost
of sales 122,306 10,532 746 - 133,584
Selling,
general &
administrative 9,807 664 1,149 - 11,620
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 132,113 11,196 1,895 - 145,204
--------- ------------ ---------- ----------- ---------
Operating income $ 2,809 $ 246 $ 37 $ - $ 3,092
========= ============ ========== =========== =========
Quarter ended
March 31, 2009
Total revenue $ 155,487 $ 36,868 $ 2,049 $ (1,699) $ 192,705
Intersegment
revenues - 1,634 65 (1,699) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 155,487 35,234 1,984 - 192,705
Operating expense
Materials,
supplies and
other 56,823 - - - 56,823
Rent 5,575 - - - 5,575
Labor and fringe
benefits 31,153 - - - 31,153
Fuel 32,316 - - - 32,316
Depreciation
and
amortization 12,135 - - - 12,135
Taxes, other
than income
taxes 3,511 - - - 3,511
Gain on
disposition
of equipment (2,104) - - - (2,104)
Cost of goods
sold - 30,436 657 - 31,093
--------- ------------ ---------- ----------- ---------
Total cost
of sales 139,409 30,436 657 - 170,502
Selling,
general &
administrative 19,435 672 1,206 - 21,313
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 158,844 31,108 1,863 - 191,815
--------- ------------ ---------- ----------- ---------
Operating (loss)
income $ (3,357) $ 4,126 $ 121 $ - $ 890
========= ============ ========== =========== =========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Dec. 31,
---------------------
2010 2009
---------- ----------
Consolidated EBITDA $ 15,144 $ 13,112
Transportation Revenue and EBITDA
Revenue $ 134,922 $ 155,487
EBITDA 13,954 9,021
Manufacturing Revenue and EBITDA
(External and Internal)
Revenue $ 25,485 $ 36,868
EBITDA 1,069 5,018
Manufacturing External Revenue and EBITDA
Revenue $ 11,442 $ 35,234
EBITDA 1,069 5,018
Average Domestic Barges Operated
Dry 2,147 2,231
Liquid 354 385
---------- ----------
Total 2,501 2,616
========== ==========
Fuel Price (Average Dollars per gallon) $ 2.07 $ 1.98
Capital Expenditures (including software) $ 15,676 $ 8,848
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company's business segments. EBITDA provides us with an understanding
of the Company's revenues before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
Contact Information: Contact: David T. Parker Vice President, Investor Relations and Corporate Communications (800) 842-5491